It’s a match made in fashion heaven: Prada will officially buy Versace. On April 10, Prada Group announced plans to purchase the Italian fashion house for $1.375 billion from Capri Holdings, adding the Gianni Versace-founded line to its group of luxury brands.
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“We are delighted to welcome Versace to the Prada Group and to build a new chapter for a brand with which we share a strong commitment to creativity, craftsmanship, and heritage,” says Patrizio Bertelli, Prada Group Chairman and Executive Director, in a press release. “We aim to continue Versace’s legacy, celebrating and re-interpreting its bold and timeless aesthetic; at the same time, we will provide it with a strong platform, reinforced by years of ongoing investments and rooted in longstanding relationships.”
The sale marks the second of several significant changes at the brand in recent months. In March, Donatella Versace announced plans to step down after 27 years at the brand, where she will continue to work with the brand in an ambassadorial capacity. And on April 1, Dario Vitale—a Prada Group alum who was formerly the number 2 creative at Miu Miu—began his new role as Chief Creative Officer.
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“Versace has huge potential,” says Andrea Guerra, Group Chief Executive Officer. “The evolution of a brand always needs time and constant focus.” Best known for its ’90s jeans, wild prints, and ornate details, Versace’s design codes are some of the most recognizable in fashion. And while it’s unclear what exactly its next chapter will look like, Vitale’s debut runway collection will be the first in the brand’s 47-year history not designed by a Versace family member—and the first showing under its new parent company.
This is the beginning of a new era for Versace. And with its rich history and status as a pop culture icon, there’s no shortage of design inspiration to draw on for this new team, from supermodel struts to Medusa heads. Plus, it’s exciting to have the two most powerful women in fashion under one roof. Miuccia Prada, meet Donatella Versace.
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